China: Iron And Steel Market 2024

Iron And Steel Market Size in China

After five years of growth, the Chinese iron and steel market decreased by -3.1% to $X in 2021. The market value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 9.2%. Iron and steel consumption peaked at $X in 2020, and then dropped in the following year.

Iron And Steel Production in China

In value terms, iron and steel production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 9.3%. Over the period under review, production reached the peak level at $X in 2020, and then fell modestly in the following year.

Iron And Steel Exports

Exports from China

In 2021, overseas shipments of iron and steel increased by 4,166% to X tons, rising for the second year in a row after seven years of decline. In general, exports, however, showed a abrupt curtailment. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt decline. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey (X tons), Thailand (X tons) and Japan (X tons) were the main destinations of iron and steel exports from China, together accounting for 76% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +248.4%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Thailand ($X) and Japan ($X) constituted the largest markets for iron and steel exported from China worldwide, together comprising 73% of total exports.

Turkey, with a CAGR of +227.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, declining by -39.5% against the previous year. In general, the export price, however, recorded a modest increase. The growth pace was the most rapid in 2018 an increase of 161% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into China

In 2021, supplies from abroad of iron and steel decreased by -64.1% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, saw a remarkable increase. The growth pace was the most rapid in 2019 when imports increased by 724% against the previous year. Imports peaked at X tons in 2020, and then reduced sharply in the following year.

In value terms, iron and steel imports reduced rapidly to $X in 2021. Overall, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 428%. As a result, imports reached the peak of $X, and then dropped sharply in the following year.

Imports by Country

Russia (X tons), Brazil (X tons) and India (X tons) were the main suppliers of iron and steel imports to China, with a combined 79% share of total imports. Ukraine, Iran, Indonesia, Germany, Kazakhstan, Japan and Democratic People's Republic of Korea lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +340.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Brazil ($X) and India ($X) were the largest iron and steel suppliers to China, with a combined 75% share of total imports. These countries were followed by Ukraine, Indonesia, Iran, Germany, Kazakhstan, Japan and Democratic People's Republic of Korea, which together accounted for a further 21%.

Indonesia, with a CAGR of +243.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, growing by 42% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 an increase of 75%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+27.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :